Justice V Jagannathan granted bail to Lakshamrao Peshwe, Managing Director of Karnataka Niravari Nigam Ltd, who was nabbed by Lokayukta police during a raid conducted at his residence last month.
He was arrested on June 22 and was in judicial custody.
Peshwe, who had not drawn his salary for the past three years, was found in possession of assets worth over Rs 5 crore.
He moved the High Court after his bail application was rejected by the Lokayukta court.
